Awilco Drilling PLC - Capital/Financing Update 2023

Awilco Drilling PLC: Short-term Financing

Awilco Drilling PLC (the «Company») announces that it has signed a short-term

shareholder loan with Awilhelmsen Offshore AS as a bridge while alternatives for

the Company's longer term financing need is being explored. The loan is for a

total of up to USD 4 million, structured as a draw-down facility, with interest

rate of 10 percent per annum on the aggregated outstanding principal amount. In

addition, there is an arrangement fee of 2 percent on the total amount. Maturity

date for the loan is 30 June 2023. The loan shall be used for general working

capital purposes.

Aberdeen, 23 May 2023

For further information please contact:

Eric Jacobs, Interim CEO

Phone: +44 1224 737900

Cathrine Haavind, Investor Relations

Phone: +47 93 42 84 64

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

AI assistant